I quit today! Back into business, $56000 to invest + $75000 from a friend willing to chip in. Open to all suggestions Thanks

Aerith-Waifu on 17/09/2017 - 02:07
Last edited 18/09/2017 - 21:40

Hi Guys:

I quit my job. https://www.ozbargain.com.au/node/325061?page=2#comment-4997…

And I feel GREAT!!! I honestly have not felt this good for a long time.

I am going back into business. And I am willing to risk my entire savings of $56000. A friend of mine is also in a similar position who is willing to chip in $75000 if we have settled on an idea. (full involvement for me and part involvement for him)

So far the suggestions I had from others are (either joking or seriously):

Put it all on the Red (No thank you)
Get to know the head bikies (errrrr…………..)
Put it all on the Eagles (No thank you and they just lost tonight)
Invest all in LEGO and Envelops (Ok but wont generate cash for a few years)
Open a massage business (Maybe, Would $130k be enough to do one?)
Start an online business selling stuffs from China/Vietnam (eBay? Fees too high and postage too expensive within Australia, not so keen on this idea)
Go to food fairs and sell some food (Its workable but there is only few each work, dont think its enough to make a living out of it)
Buy an ice cream business (I doubt you can buy an ice cream business for less than $300k these days and we only have around $130k in capital)
Start a boutique food business specialising in few things, small shop front, lots of traffic, takeaway etc (I like this idea)

I would like to hear business owners and people working for others. Please kindly share what types of business you work for, what made the business tick and what made it going down hill. (Please do not name the business, just the types of business for privacy reasons)

Thank you all!

PS: Some good advice from everyone already, thanks heaps and keep it coming.

Please kindly share the types of industry you are in. Is the business doing good, or not so good?

UPDATE: Thanks for all the comments and suggestions below. Much appreciated.

Today I received a call from my management indicating they are happy to put me on the casual shifts, hours are not long, 4 hours per shift doing maybe 20 hours a week, and the pay will be $25 an hour + bonus (Which was never the case when I was working for them part time, this is a much needed confident boost for me and I believe its a step in the right direction. With this casual hours in mind at least I would have some income coming in while I decide on what do to. Thank you all and keep the comments coming. I will do more reply later. Thanks again. What a great community we have:)

Poll Options

  • 304
    You are mad!
  • 7
    I am with you but I won't risk it at your age.
  • 48
    Food is the way to go, we all have to eat.
  • 27
    Others (please write in comments if choosing others)
Financial

Comments

  • hotmustardsauce on 18/09/2017 - 22:25

    With labor rates being so high in Australia there is very little incentive to start a business. You should have done some research before quitting

    Take your full year salary + current deposit rates on your ~$150k investment + 0.5 * your partners salary.

    This is how much you need to generate in return (pre tax profit) annually to "break-even" against working. Combine this with other benefits: less stress, sick leave, annual leave, etc. I hope you know what you're doing and you better love it because it won't be for the money!

  • Peck on 18/09/2017 - 22:50

    There goes the friendship!

  • Polskipiotr on 18/09/2017 - 23:24
    +3

    Ok,
    I have a simple one for you. Depending on your location. If you want to make money. Tafe ….smash out a barista course in over a weekend.
    Look for new industrial are or office Area and open a coffe shop. Food is high turn over low profit. coffee shop on the other hand is high profit and easy as very repetitive work. Hire a few youngsters and setup a hip environment they'll love it. Smash that for a few years and sell or open another one.
    You'll make good money and resale of business will get you a good return as well.

    • Aerith-Waifu on 19/09/2017 - 22:36

      Thanks, I have forwarded this idea to my friend and he is also keep

  • 2ndeffort on 18/09/2017 - 23:54

    I started a business with a friend about a year ago in a very niche industry that we've both worked in for years. We are both also still working fulltime jobs in the same industry for other employers at the same time. Year 1 has gone pretty well, we had 15 employees at one time. We are building software so not something simple like making coffee but I would never have taken the risks we have taken without understanding the industry, knowing our clients and understanding the risks. How did you make the money you have to invest? what industry have you come from? What was wrong with that industry, how could you make it better, could you do a better job for less cost than some of the bloated lazy companies charging premium rates in there now. Plenty of big companies have been knocked off by aggressive startups, we've knocked off 2 incumbent 'Big 4' consulting companies from Government contracts already. In one case we took-over a software job they were doing very poorly and upsetting the client, instead of agreeing to give them a large additional payment to fix a job they were meant to have already completed the client gave us the money instead and we did a better job. The other job we won was to replace a 4 person consulting team that had been doing poor work and charging massive fees for 4 years. Client still needed help but didn't know where else to get it, step in us (we already knew clients from our day jobs). Look for something like this. Save as much of your money as possible, you will need it for cashflow. We nearly went to zero a couple of times paying all the employees wages before the company was paid any money.

  • [Deactivated] on 19/09/2017 - 00:19

    You've said nothing about your skill base.
    What are they? - and think broadly - your aptitudes, and where you're weak.

    Match your skill set to the opportunity and the risk profile improves…

    • Aerith-Waifu on 19/09/2017 - 22:38

      I am major in Arts. But as you know, not very helpful in the real world. Now I think back, should have followed my other friend and did chemistry instead……..

      • [Deactivated] on 20/09/2017 - 00:16

        Don't underestimate the value of a BA.

        Can you be more specific - what subjects did you do in your last year? What did you like doing? What didn't grab you? Are you numerate? Are you good with language? What about people? What experience if any do you have? That kind of thing…

        It's just part of the background really - it's not about trying to lock you in to what you've done it the past, it's just trying to work out what your core aptitudes are, and aren't, and then think about what opportunities are out there together with your preferences.

  • RolandWaites on 19/09/2017 - 01:05
    +2

    Take out $15,000, invest the $41,000 in blue chip shares.

    Spend a year travelling cheaply, work out what you want to do and then pursue it. Go camping, sleep on a beach, read some books, find a new passion. By the time you've worked out what you want, you might have a much better idea of how you should walk your own journey and you'll also have $40,000 in the bank to help you get there.

    • Aerith-Waifu on 19/09/2017 - 22:38

      Sorry shares we have ruled out

  • myusername on 19/09/2017 - 07:21

    cocaine and hookers

  • ChaLuo on 19/09/2017 - 07:35
    +2

    Get a chinese manufacturer to produce smartphones with 12 gigs of ram, all black no gold no "rose" gold, with BAND 28 SUPPORT. Target a retail price of $250 delivered.

    • Schezwon on 19/09/2017 - 14:52
      +1

      Also have a 1060ti graphics chip in it and a i7 processor

    • Aerith-Waifu on 19/09/2017 - 22:39
      +1

      AND ALL THAT FOR THE MONEY WE HAVE:(

  • Derrick Crane on 19/09/2017 - 10:39

    I may be able to introduce you to Kemi Adeosun.

  • bjinco on 19/09/2017 - 10:52

    Cycling Couriers/Messengers business

  • inexpensive tastes on 19/09/2017 - 12:15

    Interesting thread! As others have said, it's probably worthwhile leveraging what you already know or have experience with. Maybe you could make a move laterally into something similar? For example there is a place in newcastle called pocket design that does hand painted signs. People are really into bespoke stuff these days, just take a browse on Etsy! Might be safer to make the signs for the small business that start then finish then start again etc…..! Especially food outlets which seem to have only a slightly longer lifespan than fashion. Your architect mate may have some graphic design skills or know some people you could team up with so you don't have to do the graphic design yourself.

    At my old job they would hire small crews of two people who would put up the big advertising banners around the place. They also put all the stickers on the glass doors for Xmas time or other events/holidays. Seems like a pretty cruisy job. They just go around with a laser level sight thingy and put them up with window wipers and buckets of glue.

    Window cleaner for high rise? Are you afraid of heights!?

    It's not your own business but if you have knowledge about glass you could try and leverage that to work for one of the big glaziers (like GJames) in some capacity. Might need to skill up a little but who knows? Again, ask your architect mate as he might have some knowledge about the industry.

    Or, a bit out there, you could think about designing a less toxic glass paint (or less toxic process). If you came up with a system you could market the system instead of doing the painting yourself.

    Or you could be a house painter, or maybe not!

    Good on you for quitting the shitty job! Hope some of this is helpful!

    • Aerith-Waifu on 19/09/2017 - 22:39

      thanks for sharing, its always good to know a back story.

  • stingy-oz on 19/09/2017 - 13:22

    The first thing you need to do is finding out WHAT you passionate about. This is important. imagine doing something like your ex-job for long time with no possibility of walking out.

    with just over 100K in capital, you can do quite a bit but don't expect large business. At this capital, maybe a small cafe, home based JIT online retails, personal training business, mobile dog grooming, pet sitting, landscaping/mowing etc. I'm thinking something with possiblity run by 1 + 1/2 person FTE.

    Many years ago wifey can't take her job no more and quit after 1.5 years on a toxic job. With about 40K at hand to do 'something' we inspect many businesses (buying) but in the end went into a business with little to no knowledge. The office was a 1 person office with 2 pc and 1 crappy printer.

    I continue to work full time job and help her on the side doing the same thing. Business almost fell but being me in a full time job, our risk are covered at very least. There were times we had $0 in the bank account and can't work out how we gonna pay the rent that is due in 1 week time. Overall, we are now past those times but it was that stressful so, don't assume that all you gonna lose is the capital.

    • Aerith-Waifu on 19/09/2017 - 22:41

      I love to help people, and make them happy. No not in the gigglo kind of way, but really seen them leaving with a smile after.

      Also, I like building lego, running and I do enjoy cooking alot also.

      So yes, need to look for something I am passion about for sure.

      • stingy-oz on 20/09/2017 - 09:53

        If you are good at Lego, try look up doing Lego education for kids.

        Something of a niche market. I've seen this overseas and my daughter attended one for a few sessions - She likes it, felt good about it but she's more into painting and arts.

        • Aerith-Waifu on 23/09/2017 - 22:11

          thanks, anything kids related i think its going to be ok, i even looked at investing in the childcare centres but not enough capitals

  • Schezwon on 19/09/2017 - 14:50

    Brazzer.com.au
    Or bitcoin

    • chumlee on 19/09/2017 - 21:06

      I'm available for guest starring roles

  • bestvariety on 19/09/2017 - 14:55

    With minimum investment and risk, you should really think about direct selling business. It will be very very slow from the beginning, but once you build up your network/team, it is really worth doing it.

  • 7olo on 19/09/2017 - 15:00

    I am a firm believer of upskilling in multiple areas - within your profession, and outside of it too (kind of like a backup skill)

    I was in a similar position over a year ago having pulled the pin on my full time employment (in Finance). I was working in excess of 12 hours a day and continually felt stressed about work the next day. At the time it felt like a harsh move, as I did it rather impulsively. However, it did give me an excellent chance to relax, take a break from any finance related work and reflect on other core strengths of mine - Working with kids, sports coaching.

    Fast forward a year, whilst I've regained work back in finance after a short break doing contract work, I run a small sports academy on the side developing kids in sport.

    Quitting a job is alright, but having a backup whilst quitting is a better scenario to be in. Good luck with the future. No doubt things will work for the better.

    • elgrande on 19/09/2017 - 17:13

      Month end.. forecasts.. budgets.. I'm having flashbacks just reading your post.

      • 7olo on 20/09/2017 - 09:21

        Just exactly what I was referring to.

    • Aerith-Waifu on 19/09/2017 - 22:42

      Thanks for sharing. I am now employed as a casual. But I will not give up on starting a business. I have to try it!

  • cintamami on 19/09/2017 - 15:41
    +2

    From the sound of it, you are just burned out.

    Go backpacking for 3-6 months, have fun, spent about $15,000 of your money in the process.

    Then when you are back here, really think of what you want to do.

    • Aerith-Waifu on 19/09/2017 - 22:43

      Hi, yes I am, very much so. The job isnt going everywhere and in order to get promoted someone has to leave.

  • guster33 on 19/09/2017 - 17:59
    +1

    If I might suggest something unconventional op.

    Have you considered learning web development or even front end programming for the purpose of helping businesses setup websites and webapps and assisting with data analytics. It is important to note that this is not a business venture as there are usually companies who can do this bettter and faster than small players but I am suggesting it either as a new career or as a segue to your future business.

    It has low barriers to entry (you can learn to code now that you are a casual), there are usually off the shelf solutions to begin with that can make the learning curve less steep, investments in software and books can be minimised if you spend time researching resources and businesses will hire without a cs degree and usually age is not a factor

    You get to practice what you learn and demand for good coding skills always exceeds supply if you think it is a career you like.

    You can also make programs/apps if you think you might want to pursue this as a business and understand the entire process but i recommend against this as too much risk and slightly hard to predict demand given the many levels that exist (os market share/ other apps/ shifting trends).

    Afditionally, if you design stuff for other businesses or not for profits even you can get insights into what they do how they run their businesses as very often you will gain exposure to higher level marketing decisions, understand the essence of their business and have access to people who make these sorts of decisions and can talk to.

    The last one will help you build up a professional network and potentially mentors for when you start your own business once you find something you love.

    • Aerith-Waifu on 19/09/2017 - 22:45

      No I have not. I always thought programming are for very very smart people, starting at 20 something is good, dont think starting at 40 something will be too good as the mind just wont remember like a 20 year old. I am not good with computers also so programming is really too unfamiliar to me. However, my brother is a NetWork installer. Different set of skills though

    • magikz on 27/09/2017 - 12:17
      +1

      We think alike mate. I found a job as a javascipt web dev this way. I'm on my way to learning React to upskill myself and work on personal projects too.

      • guster33 on 28/09/2017 - 11:42

        Congratulations magikz. Very good choice too, hear nothing but good things about react!

  • FittyFitty on 19/09/2017 - 18:34
    +1

    Kebab van ftw!

  • hr1976 on 19/09/2017 - 19:02
    +1

    How about start with a Newsagency?

    • pork chop on 19/09/2017 - 19:17
      +3

      sounds like u're still stuck in the 90's era. Newsagency nowadays fall in the same category as photo labs. Dying breed.

  • nessism on 19/09/2017 - 19:49
    +1

    As someone who has invested, and lost, money in the wrong business (for me) the best advice I can give is: be related to the kind of work you want to do. Not the 'biz' but the actual nitpicking tasks a business will require of you.

    I'm talking processes - what kind of things getting done do u find rewarding?
    Like dealing face to face with people, or not.
    Want to advise close up, or from a distance?
    Do you take pride in a thing getting complete or moreso from the satisfaction of your clients?
    Or is more about the numbers and less about being related to the people u serve?

    Why do you get out of bed in the morning?

    For me I still look back and know I had a great idea, I did a lot of research, I had money to get it rolling but I was unrelated and didn't factor for the actual tasks that getting the biz started would take. I was the wrong person for these tasks.
    (Now I work with and serve clients, it's less technical and more face to face biz consulting. I also produce video AND there are ways to productize, so it's not all dollars for my hours).

    Get an inventory of what lights you up, fires you up, and you might find unexpected biz opportunities to be those ways, to do that stuff.

    It really doesn't matter how viable the biz if you're not fired up to do the required stuff. And conversely if you are uniquely suited to a particular task, something that on paper might not seem crash hot, could be gold for you.

    • Aerith-Waifu on 19/09/2017 - 22:45

      Some good questions to ask myself for sure. thanks for sharing

  • Downtooz on 19/09/2017 - 21:02
    -2

    I only read about half of page 1 of comments before giving up. No good advice given yet.

    My current mental space is how to make a big nest egg and where to invest to set myself up for he next 60 years. Have you read "rich dad, poor dad"? Also, definitely read everything you can by Dave Ramsay. I'm sure there's a LOT of great financial ideas, but from what I'm reading it's all about mindset of being rich. Without that, a good, bad or any other business won't matter. It's about learning to budget and allocate well.

    Good luck mate.

  • vchar on 19/09/2017 - 21:09
    +8

    I'm not sure if you are in Melbourne and what I suggest is completely based in Melbourne where I have done quite a reasonable amount of research for myself but as I'm an international student, I can only dream about it.

    Based on your budget, I think the following will work for you (I really mean it works)
    1. Open coffee shop at a university, preferably the university of Melbourne where I'm studying. Since I arrived I see the number of coffee shop is gradually increasing and I can see they are mostly profitable. You don't have to operate a big shop, just a 4 square metres shop does the job well. I invite you to visit the university and see how the current coffee shops operate. The good thing is that you are guaranteed with a big number of walking customers, students, provided you can make a good coffee. Making a good coffee is not difficult, get a good coffee machine from a supplier, they will teach you how to make it.
    2. Souvlaki shop at a university, similar to a coffee shop, I can see a very long queue of students waiting for souvlaki on every Wednesday, the only day that they sell it. What if you open everyday? I used to make souvlaki and it is very cheap to make a pack of souvlaki but you can sell it more than 10AUD each.
    3. Open a haircut shop in St Kilda area, preferably along Acland st or nearby areas. Haircut is very essential part of everyone, they have to get a haircut. In St Kilda, haircut is a way too expensive especially for students or low income employees. The lowest price they can offer to stridently currently at 25AUD per haircut. Many haircut shops in the CBD can offer from 9AUD per cut. What if you can offer 15AUD per cut or so, a majority of customers will be yours.
    4. import products from china such as phone accessories, etc. buy cheap and sell high. I earned a lot in the past when I was in my country and I think it works a lot better here than there. You can import anything you find it profitable.

    While doing the above business, you can throw a small amount of money in the followings
    1. Invest a few percent of your money in cryptocurrencies, if you don't trust a single one, try to diversify it by investing in multiple currencies. Just think that you buy an expensive lottery ticket. But the different is that you will never lost if you don't sell your currencies. Who knows if it will rise or fall. But if you invest in the right currencies, you will more likely get your investment increased many folds. This one make me a good amount of money but I have a very small investment so it doesn't make a big deal.
    2. If you have some spare time, search something to trade on gumtree. If you know product well, most of the time, you can earn double or triple the amount you have paid. I do this as my hobby, I make quite a good profit with a negligible about of investment capital. To be honest, I invest like a 100AUD and earn every week around 300 to 500AUD with a few hours work. This one seems to be a stupid idea but it works for me and I can't expect more than this as being a student. I earn only 100AUD per 10 hours work a day when I was working for a car workshop.
    3. Buy a van to transport household or office furniture from suppliers like IKEA to end users and provide installation service. This one you can earn money on delivery service plus installation service, this is very easy job for men. You can get more suppliers such as online shop and many other local stores. Customers are everywhere especially in the city.

    I actually have a lot of silly idea which works quite well for myself and I think those idea is very scalable. For instance, if you open a coffee shop under your name, if you make a good coffee at a university, you can then move onto another one. Why I recommend you to open at a university? Because it is where the number of walking customers are guaranteed. Another instance, buying and selling stuff on gumtree, if you can get it worked and create your own business model, you can hire people to work for you.

    I'm sorry for my poor English, I try my best to make an understanding reading and I hope you can understand what I mean. I'm happy to share more if you like.

    Cheers and good luck

    Veasna

    • Aerith-Waifu on 19/09/2017 - 22:47

      No your english is fine. More than fine. I am based in Perth. Thanks for the fine ideas you have provided. I will exam and weight my options carefully. thanks for sharing

      • vchar on 20/09/2017 - 11:39

        thanks for your complement, it's my pleasure and hope it help. I don't know much about Perth but from my knowledge I have learnt from friends, Melbourne should be a better place to run a business. Cheer

        • Aerith-Waifu on 20/09/2017 - 17:19
          +1

          Hi yes, just saw this in the Western Australian today:

          http://www.watoday.com.au/wa-news/eastern-states-poach-wa-vi…

          "New figures have revealed Western Australia is the only state in the country to experience a decline in visitors during the 2016-17 financial year, with both domestic and international visitors shunning the region in favour of the eastern states.

          The latest figures from the National Visitor Survey found WA's tourism numbers had plummeted in the 12 months leading up to June 2017 by almost 12.7 per cent - estimated to be around 150,000 visitors throughout the year"

    • usman436 on 22/09/2017 - 17:40

      Hi, read your post and advices which i beleive are very good for someone wanting to start with low budget. I just wanted to ask on the tips and products to buy and sell on gumtree as im also interested in a side income. Thx.

      • vchar on 23/09/2017 - 09:52

        hi mate,

        it is heavily depends on where you are located and how would you like to sell your products.

        For example, if you live in Melbourne CBD, you can sell things like computer or phone parts and accessories if you like to import new products from other countries such as china. You don't have to sell many as a shop does, what you need is to find a right product at a right time to sell. For instance, iphone8 has just been released, if you order its good design case from china, it costs you somewhere around a few cents to a few dollars and you can sell it at roughly 5 to 10 times of the original cost.

        If you prefer to buy and sell use thing, you have to be good at identify the potential products which earn you a reasonable amount of money. For instance, I see many people sell brand bikes such as Giant, Specialised, Orbea and so on, at a very reasonably low price. Some sells even less than 100AUD per a good bike. If you acquire it at a reasonable good cost, you can easily double or triple it when you sell. This process may be slow but if you don't have much time, especially if you are a student, this is a pretty good option. I've found this bike selling idea works well at the tourist areas such as St Kilda, Victoria.

        Again, as I said it depends on where you are and how would you like to sell and deliver your products. I prefer cash on pickup as I don't need to deal with postage and all risks associated. Gumtree, to some extends, is better than eBay when you have to deal with fraudulent deals if you are a seller.

        Cheers and regards,

  • Waynes world on 19/09/2017 - 22:49

    I am far from an expert on starting a business. I've been doing my thing for 20 years with up and down success. I could have done so much better if I was more pro-active.

    I have to agree though that the food industry is tough, competitive and highly regulated. Unless you have some experience already and a solid plan, it's a huge gamble. I'm not in it but I have known people that are.

    I'd suggest, whatever you choose must be simple, minimal overhead, fast moving - product in, product out. Stock on the shelf is stagnant cash. And if the industry changes, as mine has, you're left with useless product.

    • elgrande on 20/09/2017 - 20:04

      Fidget spinners?

    • Aerith-Waifu on 21/09/2017 - 02:07

      Thank you for that. Especially stock on the shelf comment.

  • anonymous888 on 20/09/2017 - 09:44
    +1

    Buy Ethereum

    • Aerith-Waifu on 21/09/2017 - 02:03

      isnt that simialr to bitcoin?

  • avhornet on 20/09/2017 - 10:09

    Food Truck

    • KaraZorEl on 20/09/2017 - 10:17

      We both had the same idea around the same time.

      • Aerith-Waifu on 21/09/2017 - 02:02

        Yes, I like food truck idea also. And the investment isnt that high also. $130k should be more than enough to get it going

  • KaraZorEl on 20/09/2017 - 10:16

    Food truck? Mobile barista?

  • hammmer on 20/09/2017 - 10:34

    Karaoke Bar

    • Aerith-Waifu on 21/09/2017 - 01:51

      Karaoke bar? Like a normal bar you can sing Karaoke at the same time?

  • Saul Goodman on 20/09/2017 - 12:06

    Karaoke Food Truck

  • Jaystea on 20/09/2017 - 13:08

    I've spent 6 weeks up at Mt. Hotham. If there's something that needs to be here, it's asian food, maybe a ramen bar of some sort. It's incredibly popular given there is a big asian market at ski areas, and most of the western population here go to Japan in our off season as well. There is not a single asian food takeaway place here, so that would be my advice.

    Good quality ramen is paramount, of course. And an attractive price point too, anywhere from $15-$25 would be popular up here.

    • Aerith-Waifu on 21/09/2017 - 01:52

      I think in terms of restaurant, its the best to open a noodle shop as profits are higher than selling things like ribs etc.

  • Ughhh on 20/09/2017 - 13:17

    Truck food

  • CandyMan on 20/09/2017 - 13:59
    +1

    Run for parliment, retire in a few years, get lifetime pension and entitlements

  • laurence on 20/09/2017 - 15:26
    +1

    crypto is your best longterm option
    a few good ones include
    bitcoin, litecoin, ethereum, eos, monero, ark, factom, iota, nem, neo (possibly), omiseGO, vertcoin, navcoin, pivx, blockcat and possibly walton (decent starting team, no idea what they're doing)

    good luck

    • Yaren24 on 20/09/2017 - 16:14

      Is crypto risky?

      • laurence on 20/09/2017 - 17:00
        +1

        yes especially if you're nervous and panic sell. I don't think its that risky long term if you keep your passwords (private keys) safe and don't use wallets on mobile (easy viruses from p0rn sites etc)

        • Yaren24 on 20/09/2017 - 21:14

          I don't know I am afraid invest in things as I am in similar boat to OP, don't want to lose or waste money :)

    • Aerith-Waifu on 22/09/2017 - 15:44

      Thanks, wont get into something I am completed unknown though.

  • justjack on 20/09/2017 - 16:04

    Watch shark tank

    • Aerith-Waifu on 21/09/2017 - 02:01
      +1

      Yes I am a big fan of the shark tank. Not sure about those gym guys selling the chocolate though

  • tap on 20/09/2017 - 17:05
    +1

    You could maybe get a job that you actually like?

    • Aerith-Waifu on 20/09/2017 - 17:23

      Well I have no main skills apart from painting. Problem is there are such a niche market in Perth. My major is Art which doesn't do me any good on the resume also. I do have financial cert 3 and 4 when I did on my spare time but it didn't help me to get any financial related jobs. I have had interviews, but all got declined. I don't see myself getting out of the retail section hence the decision to quit and starting on my own.

  • Aerith-Waifu on 20/09/2017 - 17:17
    +3

    UPDATE: After reading through some many comments and doing alot of researching in the past few days.

    We now have ruled out the following:

    Franchise and Cryptocurrency.

  • elgrande on 20/09/2017 - 20:07

    Why not study a course online through UNE? They have plenty of online degrees and you might find one that interests you.

    • Aerith-Waifu on 21/09/2017 - 01:53

      I done Cert 3 and Cert 4 in financial services. Didn't help me when I apply the jobs in the banking sector. I think my age does sort of make people think twice hiring me in that sector.

  • Tripnfelt on 20/09/2017 - 20:44

    Something Vegan. Marketing and buzz takes care of itself.

    Vegan fish and chips would go down very well in melbournes' northern suburbs.

  • freakatronic on 20/09/2017 - 21:21

    I read a book that helped me a lot. I actually heard about it here on OzBargain. The title is so scammy that you'll probably want to run away immediately, but give it a look - The Millionaire Fastlane by MJ DeMarco. A few things you want to consider that might keep your new venture from making you suicidal like your job did:

    -Make sure your business is necessary in the marketplace. Does anyone really need another sandwich shop/lawnmower man/drop shipper? Is there a way for you to provide a necessary service?
    -Divorce your earnings from your time spent. Your business needs to act as a surrogate for you that earns money for you whether you're pulling the levers or not. If it doesn't, then you're just in a job but without the stability.
    -Only do it if it's scalable. You can physically work 16 hours a day, but even that's close to causing exhaustion illnesses. In a sandwich shop there's no way you can sell 100000 sandwiches a day. Find something that can scale and it will set you free.

    Good luck :)

    • Mikechoiwu on 20/09/2017 - 22:37

      Actually 100000 sandwiches a day is totally possible if you get a contract with qantas, virgin or produce for 7-11.
      A traditional sandwich shop is a safer bet. Like any business there is no guarantee it will work. But what you are saying is only do a business if its scalable. Well any business is scalable if you have a strong product.
      It can be pizza, burgers, or whatever you can think of.
      That being said what you describe is a perfect scenario which are hard to come by but not impossible.

      • freakatronic on 21/09/2017 - 10:05

        You're arguing my point though. Scale is possible outside of a sandwich shop. You're talking about a sandwich factory; perfectly scalable but probably a long way outside of a $50k initial investment.
        All I mean is if a job makes house2015 suicidal, he/she should be trying to avoid starting a business that is just a job with 100% liability.

    • Aerith-Waifu on 21/09/2017 - 01:54

      hi, thanks for sharing. The first point is really good. I will make a note

  • Mikechoiwu on 20/09/2017 - 22:31

    Well honestly. 130k is not much too start any business.
    With that sort of money you are looking more into a online shop. Risk is minimum due to low investment and can allow you to work a part or full time job at the same time.
    Food is the best option but requires a lot more money.
    For $130k for a brand new set up is not realistic unless its just a small cafe place.
    With a 130k and want to get intk the food industry you can do the following.
    Buy an existing business that is not making any money for less than 50k. Spend money to brighten it up. And allow enough cash flow for a year. Build up business with excellent customer service or a good product. If you have both it will grow at a much faster rate.
    Your second option is to buy a food business around the 100k mark.
    Continue with whats been done so far but brighten it up. Introduce new things. And most importantly save in staff by being there as much as you can
    Unless you start a trendy food its not going to be a immediate hit and it takes time to build it up.
    I honestly think most foos business can make decent money if you are willig to put in the hours required. Remember labour is the most expensive cost your business will face.
    Good luck

    • Aerith-Waifu on 21/09/2017 - 02:01

      Thank you for that. Buying an existing business is what we are currently looking at. You are spot on with the $130k been not enough. The good business which are making money are around $300k in our areas. The not so good business are around the $100k - $150k mark. I am with you when you said buy a business which isnt good then built it up. Then do the best to build it up

      • greatlamp on 21/09/2017 - 20:28
        +1

        If you buy a 300k business you will make a small return. Hopefully the business continues the way it has in the past and you pay off your investment in 10-15 years

        If you buy a 50k business and run it better than the last guy, you will create a 300k business.

        Buying an established business might seem 'safer' but what stops the person who sells you a 300k business of setting up 2 suburbs away and competing with you?

        The state government runs workshops that can help

        http://www.business.vic.gov.au/events-workshops-and-mentorin…

        I would suggest you download eventbrite and start attending free events, get exposure to as many industries as possible, if you are a curious and creative person you will think of something

        Then you start contacting the people who you met at those events (you did remember to swap business cards) and offer to buy them coffee, in exhange you ask them 10 min of their professional opinion.

        When several people think its a good idea, you take the next step look at setting up a business

        • Aerith-Waifu on 22/09/2017 - 15:38

          Thanks for the advice, this is good advice indeed.

  • Turd on 21/09/2017 - 10:30

    Get on shark tank

    • Aerith-Waifu on 22/09/2017 - 15:39

      Once I figure something out, yes i will

  • sunnyc on 21/09/2017 - 19:19

    You could buy a franchise

  • greatlamp on 21/09/2017 - 20:19
    +1

    • get a part time job in a telemarketing company, 1 day per week
      You will learn communication skills, selling skills, and how to promote an idea. Consider it paid training.

    • think about arbitrage- what can you do for someone better or easier than they can do themselves

    Someone wants to buy a car, but doesn't have time to look at carsales every day- can you find them a good condition one and save them many hours of searching?

    Someone wants to buy indian spices, but all the indian supermarkets are on the other side of the city - can you buy their weekly shop and deliver it to their house

    Can you line up for someone and get them a good seat at a concert

    Think if something you have more knowledge than the average person in
    Your background is in arts, what have you practiced?

    • Aerith-Waifu on 22/09/2017 - 15:40

      Interesting thoughts above, I am speciality in Glass Painting. But its been a long time since I picked up a pen

  • Most Wanted on 21/09/2017 - 20:43

    1: Lego was a good investment now there is Aliexpress with Fake lego, maybe open a Toy Store with Aliexpress's fake lego, its actually on Par with lego from 2008.

  • FreezingQLD on 21/09/2017 - 21:25

    I run a caravan/camper/trailer/metal fab business. If you are going to start a new one, you might be OK depending on your location but you have to love it. Without love, you cannot make it. Imagine 3am in the workshop and xmas day people standing at your door desperate for something. Willing to talk more, but in short, for the money you got, do something you love and put 100% of yourself into it. Dont aim too high as you dont have the capital that much to muck around.

  • centrelink on 21/09/2017 - 21:55

    The only investment I can think of with only $50k is a very small coffee shop

    • Aerith-Waifu on 22/09/2017 - 15:40

      Or an import business, small scale

  • christopher8827 on 22/09/2017 - 00:53

    Tbh, you could join a Venture Capital fund as an investor.

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